SYSTEMS AND METHODS FOR CLEARING AND SETTLING TRANSACTION ACTIVITY

1 . A system for clearing and settling one or more transaction activities conducted between a user and a website, the system comprising:

a memory; and

at least one processor configured to:

(a) receive one or more clearing files, the one or more clearing files comprising information collected on the one or more transaction activities at the time the one or more transaction activities were conducted between the user and the website;

(b) receive one or more settlement files comprising information related to funds associated with the one or more transaction activities from the at least one acquiring bank associated with the website;

(c) credit an electronic settlement account by re-presenting the funds in the settlement account based on at least a portion of the information from the one or more settlement files;

(d) reconcile the funds credited to the settlement account by comparing the information from the one or more clearing files with the information from the one or more settlement files; and

(e) facilitate one or more adjustments to the settlement account such that the funds remaining in the settlement account for the one or more transaction activities are due to the website.

2 . The system of claim 1 , wherein the at least one processor is further configured, after the funds reconcile, to:

(1) deduct first funds electronically from the settlement account based on one or more taxes owed for the one or more transaction activities;

(2) after deducting the first funds based on the one or more taxes owed, credit an electronic tax account with the first funds;

(3) deduct second funds electronically from the settlement account based on one or more fees owed for the one or more transaction activities;

(4) after deducting the second funds based on the one or more fees owed, credit an electronic fees account with the second funds;

(5) deduct or add third funds electronically from the settlement account based on a predetermined percentage of the funds credited to a rolling reserve account or rolled off the rolling reserve account at the fruition of a determined term;

(6) after deducting or adding the third funds, credit or debit the rolling reserve account with the third funds;

(7) deduct or add fourth funds electronically from the settlement account to equate to at least one of any deposits received, withdrawals made, bets place, and winnings paid; and

(8) after deducting or adding the fourth funds, credit or debit at least one electronic user deposit account.

3 . The system of claim 2 , wherein the processor is further configured to electronically credit or debit at least of the accounts in items (1)-(8).

4 . The system of claim 2 , wherein the electronic user deposit account is a segregated deposit account, such that the funds within the account have independent and clear title.

5 . The system of claim 2 , wherein the at least one processor is further configured to, prior to facilitating one or more adjustments to the funds, calculate the one or more taxes owed for the one or more transaction activities.

6 . The system of claim 2 , wherein the at least one processor is further configured to automatically transfer the funds remaining in the settlement account to an account associated with the operator after a predetermined period of time.

7 . The system of claim 2 , wherein the at least one processor is further configured to automatically transfer the first funds in the electronic tax account to the appropriate taxing authorities after a predetermined period of time.

8 . The system of claim 2 , wherein the first funds comprise:

funds to pay a deposit tax due on the one or more transaction activities;

funds to pay a withholding tax due on the one or more transaction activities; and

funds to pay a wager tax due on the one or more transaction activities.

9 . The system of claim 8 , wherein the at least one processor is further configured to determine the deposit tax due by:

receiving information on one or more deposits made by a user with one or more online gambling websites over a predetermined period of time;

adjusting the one or more deposits based on withdrawals made to the user from the one or more deposits; and

calculating the deposit tax due as a percentage of the one or more deposits per jurisdiction.

10 . The system of claim 8 , wherein the at least one processor is further configured to determine the wager tax due by:

receiving information on one or more wagers made by a user of one or more online gambling websites over a predetermined period of time; and

calculating the wager tax due as a percentage of the one or more wagers made with the online gambling website per jurisdiction.

11 . The system of claim 8 , wherein the at least one processor is further configured for:

receiving data sufficient to summate the withholding tax due over a predetermined period of time; and

generating a statement of the withholding tax due for income tax reporting purposes.

12 . The system of claim 8 , wherein the at least one processor is further configured to report to an appropriate tax jurisdiction information on the one or more transaction activities, the deposit tax due, the wager tax due, and the withholding tax due.

13 . The system of claim 8 , wherein the at least one processor is further configured to report to the website information on the one or more transaction activities, the deposit tax due, the wager tax due, and the withholding tax due.

14 . The system of claim 13 , wherein the report to the website is further transmitted to the Internal Revenue Service.

15 . The system of claim 2 , wherein the first funds comprise funds to pay a sales tax due on the one or more transaction activities.

16 . The system of claim 15 , wherein the at least one processor is further configured to determine the sales tax due by:

receiving information on one or more purchases made by a user with the website over a predetermined period of time;

adjusting the one or more purchases based on refunds made to the user from the one or more purchases; and

calculating the sales tax due as a percentage of the one or more purchases per jurisdiction.

17 . The system of claim 15 , wherein the at least one processor is further configured to pay the sales tax due and report, to at least one of the appropriate tax jurisdiction and the merchant, information on the one or more transaction activities, the sales tax due, and the payment thereof.

18 . The system of claim 2 , wherein the at least one processor is configured to:

receive one or more chargeback requests associated with the one or more transaction activities; and

deduct fourth funds electronically from the settlement account based on the one or more chargeback requests.

19 . A method for clearing and settling one or more transaction activities conducted between a user and a website, the method comprising the steps of:

(a) receiving one or more clearing files, the one or more clearing files comprising information collected on the one or more transaction activities at the time the one or more transaction activities were conducted between the user and the website;

(b) receiving one or more settlement files over a network from at least one acquiring bank associated with the website, the one or more settlement files comprising information related to funds associated with the one or more transaction activities;

(c) crediting the funds into an electronic settlement account stored in memory by re-presenting the funds in the settlement account based on at least a portion of the information from the one or more settlement files;

(d) reconciling the funds placed in the settlement account by comparing the information from the one or more clearing files with the information from the one or more settlement files by at least one computing device comprising at least one processor and a memory; and

(e) facilitating one or more adjustments to the settlement account such that the funds remaining in the settlement account for the one or more transaction activities are due to the website.

20 . The method of claim 19 , further comprising the step of after the funds reconcile:

(1) deducting first funds electronically from the settlement account based on one or more taxes owed for the one or more transaction activities;

(2) after deducting the first funds based on the one or more taxes owed, crediting the first funds into an electronic tax account stored in the memory;

(3) deducting second funds electronically from the settlement account based on one or more fees owed for the one or more transaction activities;

(4) after deducting the second funds based on the one or more fees owed, crediting the second funds into an electronic fees account stored in the memory;

(5) deducting or adding third funds electronically from the settlement account based on a predetermined percentage of the funds placed in the rolling reserve account; and

(6) after deducting or adding the third funds, crediting or debiting the third funds into an electronic rolling reserve account stored in the memory;

(7) deduct or add fourth funds electronically from the settlement account to equate to the deposits received, withdrawals made, bets place, and winnings paid; and

(8) after deducting or adding the fourth funds, credit or debit an electronic user deposit account.

21 . The method of claim 20 , wherein the electronic user deposit account is a segregated deposit account, such that the funds within the account have independent and clear title.

22 . The method of claim 20 , further comprising the step of, prior to facilitating one or more adjustments to the funds, calculating the one or more taxes owed for the one or more transaction activities.

23 . The method of claim 20 , further comprising the step of automatically transferring the funds remaining in the settlement account to an account associated with the operator after a predetermined period of time.

24 . The method of claim 20 , further comprising the step of automatically transferring the first funds in the electronic tax account to the appropriate taxing authorities after a predetermined period of time.

25 . The method of claim 20 , wherein the first funds comprise:

funds to pay a deposit tax due on the one or more transaction activities;

funds to pay a withholding tax due on the one or more transaction activities; and

funds to pay a wager tax due on the one or more transaction activities.

26 . The method of claim 25 further comprising the step of determining the deposit tax due by:

receiving information on one or more deposits made by a user with one or more online gambling websites over a predetermined period of time;

adjusting, by the at least one processor, the one or more deposits based on refunds made to the user from the one or more deposits; and

calculating, by the at least one processor, the deposit tax due as a percentage of the one or more deposits per jurisdiction.

27 . The method of claim 25 , further comprising the step of determining the wager tax due by:

receiving information on one or more wagers made by a user of one or more online gambling websites over a predetermined period of time he player with the online gambling website for a determined period of time; and

calculating, by the at least one processor, the wager tax due as a percentage of the one or more wagers made with the online gambling website per jurisdiction.

28 . The method of claim 25 , further comprising the steps of:

receiving data sufficient to summate the withholding tax due over a predetermined period of time; and

generating a statement of the withholding tax due for income tax reporting purposes.

29 . The method of claim 25 , further comprising the step of reporting to an appropriate tax jurisdiction information on the one or more transaction activities, the deposit tax due, the wager tax due, and the withholding tax due.

30 . The method of claim 25 , further comprising the step of reporting to the website information on the one or more transaction activities, the deposit tax due, the wager tax due, and the withholding tax due.

31 . The method of claim 30 , wherein the report to the website is further transmitted to the Internal Revenue Service.

32 . The method of claim 20 , wherein the first funds comprise funds to pay a sales tax due on the one or more transaction activities.

33 . The method of claim 32 , further comprising the steps of determining the sales tax due by:

receiving information on one or more purchases made by the purchaser with the online merchant website for a determined period of time;

adjusting, by the at least one processor, the one or more purchases based on refunds made to the purchaser from the one or more purchases; and

calculating, by the at least one processor, the sales tax due as a percentage of the one or more purchases per jurisdiction.

34 . The method of claim 32 , further comprising the steps of, via the at least one processor, paying the sales tax due and reporting, to at least one of the appropriate tax jurisdiction and the merchant, information on the one or more transaction activities, the sales tax due, and the payment thereof.

35 . The method of claim 20 , further comprising the steps of:

receiving one or more chargeback files associated with the one or more transaction activities; and

deducting, by the at least one processor, fourth funds electronically from the settlement account based on the one or more chargeback files by revising at least a portion of the data.